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In 2017, Snapchat is said to have a market value of $34 billion. This social networking platform, which Facebook wanted to acquire in 2013 for about $3 billion, has grown in leaps and bounds. Snap, formerly known as Snapchat, offers a very unique kind of social media platform that has borrowed different aspects of what has been around.
For a start, Snapchat offers users the ability to share photos, videos, and use stickers, much like what Instagram offers. In fact, some of the features of Snapchat have been adopted from Instagram. Snapchat has also acquired a few features from Facebook. It allows users to connect with their network of friends and followers. It continues to introduce new and exciting features such as the sunglasses that come with a 60-degree video camera.
One main feature of Snapchat is the use of ephemeral messaging. This is simply a feature where messages disappear within a specified time period. Snapchat managed to build a lot of excitement with this feature. In the same way, the app has evolved by focusing less on some of the features that helped it to grow in its early stages.
But as much as social media experts love all these new features that have been created to adapt to the current millennial behaviors, what’s more important to investors is Snapchat’s ability to grow consistently over the years. Will the app continue to evolve and grow enough to generate lots of public interest and keep the numbers increasing?
There are social media platforms that have suffered losses when investors pull away because they have failed to grow consistently. A good example is Twitter. In 2013, Twitter was a major social networking platform that people were very optimistic about. Twitter had a market value of $25 billion in 2013. Today, Twitter is said to be worth $10 billion. Its user growth has dropped due to its inability to satisfy investors in terms of growth.
There are people who are already skeptical about Snapchat’s growth rate. The rate of growth of Snapchat is said to have slowed down dramatically in recent months. Some claim that Snapchat will not offer its users enough appeal in order to expand as much as it is supposed to. Snapchat is also receiving a lot of competition from other social media apps like Instagram. With Instagram introducing Snapchat’s features such as Insta Stories, users continue to shift to the former app.
Snapchat’s growth was mainly due to its unique blend of features that it had to offer. The app has generated revenue from those features but the main question is, will they lose it to Facebook, Instagram, and WhatsApp that continue to duplicate the same features? The only fear is that if there is going to be a slowdown in growth on Snapchat, the investors may begin to pull away.